Major Changes To FHA Guidelines

FHA loans with case numbers assigned on Monday, Sept. 14 or afterward will be subject to major underwriting changes. This will apply to FHA borrowers who don’t have a sales contract on a home or don’t have a case number yet.

So if you’re considering a home purchase and were preapproved/prequalified for an FHA loan, or if you are a Realtor® who is working with a prequalified/preapproved FHA buyer, then you will want to revisit the approval since there is a plethora of guideline changes that can affect the approval itself, including the amount.

For example, deferred student loans will have a major impact, as well as omitting car payments for vehicles nearly paid off. There are much more — too many to list here.

Feel free to call our office to discuss these new changes: 813-707-6200.